|
| Column 1 | Column 2 | Column 3 | ||||||
| n. | Hypotheses | Used variables | Predicted sign | Whole sample 2003 (robust regression) | Reduced 2003 (robust regression) | Reduced 2007 (robust regression) | |||
|
|
|
|
| Result | Sig. | Result | Sig. | Result | Sig. |
| HYPOTHESIS No. 1 | A greater proportion of NEDs corresponds to a better performance | NED_PERC | + | N.S. |
| N.S. |
| N.S. |
|
| HYPOTHESIS No. 2 | A greater proportion of INEDs corresponds to a better performance | INED_PERC | + | N.S. |
| N.S. |
| N.S. |
|
| HYPOTHESIS No. 3 | Board dimension is positively related to company performance | BOARD_LOG | + | + | 0.001 | + | 0.05 | + | 0.05 |
| HYPOTHESIS No. 4 | Chairman/CEO duality is negatively related to company performance | DUALITY | − | N.S. |
| N.S. |
| N.S. |
|
| HYPOTHESIS No. 5a | The presence of interlocks is positively related to company performance | INTERLOCK_DUMMY | + | N.S. |
| N.S. |
| N.S. |
|
| HYPOTHESIS No. 5b | The number of interlocks is positively related to company performance | INTERLOCKS | + | N.S. |
| N.S. |
| N.S. |
|
| HYPOTHESIS No. 6 | The annual number of board meetings is related to company performance | BOARDMEET | ? | N.S. |
| N.S. |
| N.S. |
|
| HYPOTHESIS No. 7a | The presence of an audit committee is positively related to company performance | AUDIT_DUMMY | + | N.S. |
| N.S. |
| N.S. |
|
| HYPOTHESIS No. 7b | The degree of independence of the members of audit committee is positively related to company performance | AUDIT_IND | + | − | 0.05 | N.S. |
| N.S. |
|
| HYPOTHESIS No. 7c | The annual number of audit committee meetings is related to company performance | AUDIT_MEET | + | + | 0.1 | + | 0.01 | N.S. |
|
| HYPOTHESIS No. 8a | The presence of a nominating/compensation committee is positively related to company performance | NOMIN_DUMMY/ COMPENS_DUMMY | + | N.S. |
| N.S. |
| + | 0.001 |
| HYPOTHESIS No. 8b | The degree of independence of the members of nominating/compensation committee is positively related to company performance | NOMIN_IND; NOMIN_IND_DUMMY | + | N.S. |
| N.S. |
| N.S. |
|
| HYPOTHESIS No. 9a | The average number of other board of auditors’ members’ appointments is negatively related to company performance | SIND_CHARGES | − | N.S. |
| N.S. |
| N.S. |
|
| HYPOTHESIS No. 9b | The annual number of board of auditors’ meetings is positively related to company performance | SIND_MEET | + | N.S. |
| N.S. |
| N.S. |
|
| HYPOTHESIS No. 10 | The level of managerial ownership is related to company performance | BOWN | +/− | N.S. |
| N.S. |
| N.S. |
|